Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Itaú CorpBancaGlobal Credit Research - 24 Jan 2022New York, January 24, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Itau CorpBanca and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 19 January 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Itaú CorpBanca's A3 long-term deposit ratings incorporate Moody's assessment of affiliate and government supports, which uplift the bank's baa3 baseline credit assessment (BCA). Moody's assesses a high probability of affiliate support from its controlling shareholder, Itaú Unibanco Holding S.A. (Ba3), which results in one notch of uplift, to an adjusted BCA of baa2. In addition, in Moody's view, the high probability of government support assigned to Itaú CorpBanca, which is based on the bank's relative importance and high market share in the Chilean banking system, also translates into two additional notches of uplift from its adjusted BCA.Itaú CorpBanca's baa3 BCA captures its enhanced underwriting and provisioning policies and a relatively low-risk loan mix, which, combined with government aid measures to borrowers affected by the pandemic will help shield asset quality from still difficult operating conditions. The bank's efforts to increase the share of retail deposits will help reduce its dependence on high-cost, short-term institutional deposit funding. However, this strategy will take time to be implemented and currently funding costs remain high compared to that of other large banks in Chile, a pressure on the bank's still modest profitability ratios. The bank's capitalization benefited from a substantial capital injection which resulted in capitalization ratios that though still moderate, are comparable to those of its large bank peers in Chile.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Banks Methodology published in July 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. 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